Gala Games is one of the newest gaming sensations on the market partially owned and run by players.
Undoubtedly, the 3D virtual world will become part of the way we connect with others in the near future. Its 3D spaces will enable individuals to interact, learn and collaborate in ways beyond their imagination.
A lot of hype is going into this virtual reality, and most global giants such as Facebook, Apple, Sony, and Microsoft are already aligning their products to match this aspect. Indeed, experts predict that the virtual reality industry is worth over US$30 billion and will grow to over US$300 billion in the next three years.
That brings us to the popular Gala Games. We’ll explain what it’s about and why the blockchain gaming platform is growing rapidly.
Overview: What is Gala Games?
Gala Games is powered by GALA, an Ethereum token. Within the blockchain gaming platform, GALA acts as a medium of exchange for the game's participants. For instance, you can use it to purchase in-game accessories.
Gala Games is a decentralised application or app for games that let players win NFT tokens for gaming assets.
It's backed by Ethereum, but it's also available on Binance Smart Chain, a blockchain system for smart contract-based applications.
The GALA token was only launched in September 2020 with no fanfare or Initial Coin Offering. What this means is that players could purchase the token from GALA without using any medium or exchange.
You had to earn the token through a founders node. This meant referring other users to the GALA network or via gameplay.
The token has a supply in excess of 50 billion, and new tokens are added into supply every day.
Purchasing GALA token
If you would like to invest in GALA, here is a step-by-step process of how you can get started:
Register by opening an account
The first step is to register by opening an online account. If you don't have one already, we highly recommend using Coinbase exchange to buy Gala Games’ tokens.
Coinbase’s mechanism allows you to navigate and buy tokens in easy steps, particularly if you are a beginner.
Next, you need to follow the instructions when setting up your account. Note that you'll need to set up the two-factor authentication using your telephone number or Google account.
Finally, link the account to your bank account. You can transfer fiat money such as dollars or other major currencies to commence trading.
Buy a wallet
Although it's optional, we highly recommend you buy a wallet where you can store your GALA. Some people may prefer keeping it in an exchange; however, you may be exposing it to hackers and thereby lose your crypto.
Even though Coinbase is one of the highly secure exchanges, there may still be some risk. As an investor, it's essential to assess your risks before storing your crypto in an exchange.
Buy the GALA
After securing an account and buying a crypto wallet, the next step is to purchase GALA. You will start by logging in to your Coinbase account and clicking on the Buy-Sell button located on the right-hand side of the web page.
This step opens the BUY-SELL-CONVERT window, and it's where you'll buy the GALA.
Scroll down to the BUY section and select GALA. Alternatively, you can enter the name GALA in the search box. Then, enter the amount of tokens that you'd like to buy.
When making a recurring purchase, you can click One-Time-Purchase, to set up the recurring purchase value.
However, if it's just a single purchase, click on the section Preview Buy which will display all the details you need, including the transaction charges.
Afterwards, GALA will be displayed in your account instantly.
Crypto wallets that you can use with GALA
As you already know, a cryptocurrency wallet offers a more secure option to store your GALA token. Here are some of the best crypto wallets you can use for your GALA token.
Ledger is a hardware wallet and offers the best security for storing your cryptocurrency assets.
Hardware wallets have the advantage of being secure, unlike the software options which are reliant on an internet connection. Therefore, this makes it difficult for hackers to access them.
Ledger is one of the best hardware wallets because it's easy to use, cost-effective and secure.
Furthermore, it uses a secure chip used by the likes of passports and credit cards.
Therefore, physical access is needed to access the wallet. This means that a hacker must have the physical device to carry out a transaction.
A software wallet stores your tokens and coins in the cloud. However, it's important to choose one with enhanced features to protect your crypto assets.
One such software is Coinbase, one of the best on the market. This software wallet is available as an extension on Google Chrome and a mobile app.
The Coinbase wallet is secure thanks to its Secure Enclave chip that uses biometric data.
There's also two-factor authentication, including SMS and phone number verification. Notably, you don't need to open a Coinbase account to use this wallet.
Key highlights of Gala Games
As mentioned, Gala Games is a blockchain-based gaming environment where users can play and earn the GALA token. In exchange, the GALA token earned can be used to buy in-game supplies, reward node operators, and make peer-to-peer payments.
Last year GALA’s price increased by over 150,000%, overtaking other metaverse projects such as Decentraland, Axie Infinity, and The Sandbox.
GALA had an epic run in the previous year and has new games on the lineup this year. Notably, it plans to stand on its own feet by building its own network and getting off the Ethereum blockchain.
Besides attaining GALA tokens as rewards under a play-to-earn gaming environment, you can create and trade NFTs and GALA tokens beyond the game's environment on crypto exchanges like OKX or Coinbase. This helps in boosting the game's virtual experience.
As a gamer, you can earn tokens or digital funds, including highly-secured NFT assets with high values, as you play. As you can see, GALA is changing the business model.
You can not only own the highly valuable tokens and NFTs, but also voice your opinion on the types of games that Gala should develop in the future.
Gala Games has over 1.3 million active users who visit the ecosystem every month. In addition, it has sold over 26,000 NFTs since it was launched in 2019. Its most pricey NFT was sold at a whopping $3 million.
GALA’s own blockchain
Plans are underway for GALA to start its own blockchain. Previously, we mentioned that GALA platform runs on Ethereum. However, Ethereum struggles a lot with high transaction fees and network congestion.
GALA recently posted that once it migrates to its GalaChain, things will work well for players and all users.
Furthermore, GALA announced that plans are underway to migrate to GalaChain by the end of the year. This will be a big step because it will minimise network fees besides solving problems associated with Ethereum.
Other benefits you can expect include better speeds, lower costs, and a reduction in screen freezes, creating a better gaming experience.
Should you buy GALA right now?
GALA is currently trading at US$0.2349 per token, representing an over 50% discount from its all-time high of US$0.71 in November 2021.
With a low valuation and the rising popularity of NFTs, growth prospects are high as the ecosystem develops new games and migrates to its own blockchain.
The metaverse will, without a doubt, play an essential role in most people's lives in the future. Most people will spend at least an hour per day in the metaverse for various reasons, including entertainment, shopping, work and socialising.
The crypto industry also continues to snowball, and one of the metaverses or gaming tokens that will fuel this growth is Gala Games or GALA.
Even though the GALA project is still in its early stages, it has significant growth potential, and therefore it is highly volatile compared to other already established cryptos. Nonetheless, it currently scores higher than other hype coins or meme tokens in the market.
Cryptocurrency offers one avenue for investment; you can also invest in stocks through online brokerage accounts. Check out the best online brokerage accounts in Singapore and apply through SingSaver for exclusive offers.
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